Section 16. The auditing committee shall keep fully informed at all times as to the financial condition of the credit union. It shall hold meetings at least once each month, shall keep records thereof and shall examine carefully the cash and accounts of the credit union monthly; such committee shall certify the monthly statements submitted by the treasurer; shall make a thorough audit of the books, including income and expense, annually; further, such committee shall report to the board of directors its findings, together with its recommendations. It shall make an annual report at the annual meeting.
The auditing committee shall, under regulations prescribed by the commissioner and within a period of time not exceeding three years, cause an examination and audit to be made of the books, securities, cash, assets, liabilities, income and expenditures of the credit union including a trial balance of the deposit and share account. Such examination and audit shall be made in such form and such manner as the commissioner may prescribe and such examination and audit of a credit union having assets over five million dollars shall be made by a certified public accountant or public accountant not connected with the credit union. The person selected to conduct the examination and audit shall be subject to the approval of the commissioner.